PAXG's trend has fallen into a typical stalemate between bulls and bears. The previous high of 4,488 has always been the ceiling for this rebound. Yesterday's rally followed by a pullback, and even the 5-day moving average at 4,478 was not firmly held, indicating a false breakout.

An interesting aspect of the market is that all moving averages are clustered and intertwined in the 4,470-4,480 range, which usually reflects a lack of consensus among market participants about the future direction. Coupled with the rather poor trading volume, with an average daily turnover of just over 20,000, in this liquidity environment, any large order could amplify price fluctuations.

From a support level perspective, around 4,475 is already a relatively fragile position. If it breaks downward, the next support may be lower. In the short term, the technical outlook indeed faces pressure, and a bearish approach seems more straightforward. However, in this low-liquidity environment, trading requires extra caution—risks and opportunities are often two sides of the same coin.